Accusation of money laundering
Investigations against billionaire Arnault and Russian oligarchs
September 29, 2023, 3:02 p.m
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What do the founder of the luxury goods group LVMH and a Russian oligarch have to do with each other? The Paris public prosecutor’s office has now targeted both of them. It’s about purchasing real estate in a French luxury ski resort.
French authorities have launched an investigation against billionaire Bernard Arnault on suspicion of money laundering. In addition to the major shareholder of the luxury goods group LVMH, the Russian businessman Nikolai Sarkisov was also targeted, the Paris public prosecutor’s office has now announced.
The newspaper “Le Monde” had previously reported, with reference to the financial intelligence unit Tracfin, that one of Arnault’s companies had granted Sarkisov a loan to buy a property in a luxury resort in the Alps. The newspaper quoted a person close to Arnault as saying that the transaction was under full carried out in compliance with French law.
The Paris prosecutor’s office said in an emailed statement to Reuters that a preliminary investigation had been ongoing since 2022 and confirmed that it involved transactions between Arnault and Sarkisov. They said they would not comment further on the ongoing investigation.
Sarkisov is not a blank slate in France
According to Le Monde, the investigation is focused on the purchase of more than a dozen apartments in the Courchevel ski resort, where Arnault’s luxury real estate group LVMH and associated holding structures own several large properties. Arnault’s spokesman declined to comment on the matter. Sarkisov’s insurance company Reso-Garantia could not immediately be reached for comment.
The name Nikolai Sarkisov is no stranger to France. After all, ex-president Nicolas Sarkozy was already under investigation because he signed a consulting contract worth 3 million euros in 2019 with the Russian insurance company Reso-Garantia, which is owned by Sarkisov. This brought Sarkozy under investigation for influence peddling, writes Le Monde.
Among other things, LVMH has a stake in the German health shoe specialist Birkenstock, which is aiming to go public in the USA. It is the global leader in the luxury goods industry, holding rights to 75 different brands. These include Louis Vuitton, Moët Hennessy, Christian Dior and Bulgari. The group was founded in 1987 by Bernard Arnault, Alain Chevalier and Henry Racamier. Loud Forbes The 74-year-old is the second richest person in the world after being overtaken by Elon Musk in the summer.